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Washington: India and China would account for nearly a third of total remittances of $414 billion to the developing world this year,according to the World Bank. The top recipients of officially recorded remittances for 2013 are India (with an estimated $71 billion),China ($60 billion),the Philippines ($26 billion),Mexico,the Bank said.

Mayaram panel FDI,FII report by Oct-end

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New Delhi: A high-level panel headed by Economic Affairs Secretary Arvind Mayaram will finalise by the month end its report on the definition of FDI and FII,aimed at removing ambiguity on the two types of foreign investment.

Indian Bank revises FCNR (B) interest rates

Chennai: Indian Bank has announced revision of its interest rates for foreign currency non-resident (banking) deposits. For FCNR(B) deposits,in USD terms,the revised interest rates has been fixed at 2.63 per cent for deposits of one year and above but less than two years compared to the existing 2.67 per cent,the bank said in a statement.

IFCL to raise R2,500 cr from tax free bonds

New Delhi: India Infrastructure Finance Company Ltd plans to raise up to Rs 2,500 crore through public issue of tax free bonds. The proceeds from the issue would be utilised by IIFCL for financing activities,including lending and investments.

No plans to reduce workforce: Ranbaxy

New Delhi: Ranbaxy Laboratories has said it has no plans to reduce its workforce and is focusing on improving performance and productivity. The company has been reported to be retrenching staff.